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Please note this event has now taken place
Event 3 – Compensation Rules - The Six Rules
Location: Edinburgh
Venue: RICS, 3rd floor, 125 Princes Street, Edinburgh, EH2 4AD
Duration: 1-4pm
Date: Wednesday 25 March 2015
Convenor: Archie Rintoul
Aimed at:
- Surveyors and Valuers
Key issues to be addressed:
- The basic Rules of compensation
- The three categories of compensation
- Compensation for land acquired
- Compensation for consequential loss
- Compensation payments for non-financial loss
- Rule 1 - the tendency to award additional compensation because the acquisition was compulsory
- Rule 2 - “The value of land shall be the amount which the land if sold in the open market by a willing seller might be expected to realise.”
- Securing best price
- Date of valuation
- Valuation of land subject to restrictions
- Compensation for severance of acquired land
- Negative equity
- Rule 3 – protecting the public authorities from paying a premium to a seller
- “no scheme” world - Pointe Gourde, Waters and Spirerose
- Rule 4 – legal purpose of land and any change in its value
- Rule 5 - reasonable cost of equivalent reinstatement
- Rule 6 - Consequential loss - disturbance
Programme sponsor and host
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